BST Group, one of Israel’s major real estate companies, has completed an initial public offering on the Tel Aviv Stock Exchange, raising about NIS 400 million at a post-money valuation of approximately NIS 3 billion.
The company, controlled by the Tannous family, sold about 13.75% of its shares in the offering. Demand reached nearly NIS 1 billion, about 2.5 times the amount raised, with participation from leading Israeli institutional investors, including major insurance companies.
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From right: Alaa Tannous, Elias Tannous, Rafi Bisker and Sim Tannous of BST Group
(Photo: Rafi Deloya)
The shares are expected to begin trading on the Tel Aviv Stock Exchange in the coming days.
The offering was carried out as a non-uniform offering at a pre-money valuation of about NIS 2.6 billion. After the IPO, the Tannous family will hold about 69% of the company, while Phoenix Group, which previously held about 20%, will hold about 17.25%. The public will hold the remaining 13.75%.
BST said proceeds from the offering will support its BST2030 strategic plan, which includes maintaining its position in complex engineering and construction projects, accelerating residential development in Israel, particularly urban renewal projects in high-demand areas, and expanding its multifamily activity in Canada.
The group also plans to develop a medical mall portfolio in Canada totaling about 400,000 square feet, in partnership with institutional investors.
BST has operated for more than 50 years in real estate construction, finishing works, development and international real estate investment. It was founded in 1972 by the late Badie Tannous and is now run by members of the Tannous family. Elias Tannous serves as CEO, Alaa Tannous oversees investments and overseas activity, and Sim Tannous serves as vice president for assets and land development.
The company’s Israeli development pipeline includes 19 projects nationwide, totaling about 4,300 housing units for sale and 25,000 square meters of employment and commercial space. BST estimates those projects will generate about NIS 7.5 billion in revenue and about NIS 1.6 billion in gross profit, based on the company’s share.
In its construction and finishing segment, the company is carrying out more than 40 projects. In 2025, the segment recorded revenue of about NIS 1.7 billion.
BST’s international income-producing real estate activity is focused on multifamily and medical mall projects in Canada. The company manages assets totaling about NIS 650 million and, in late 2025, began operating under a strategic partnership with Phoenix and Menora in the multifamily sector, with an initial investment commitment of 160 million Canadian dollars.
The company began 2026 with a record backlog. As of the end of March, BST’s total backlog stood at about NIS 6.4 billion, including about NIS 4.3 billion in construction and finishing work.
BST reported first-quarter 2026 revenue of about NIS 514 million, up about 21% from NIS 424 million in the same quarter last year. Gross profit totaled about NIS 40.6 million, operating profit was about NIS 23.1 million and net profit stood at about NIS 11.8 million.
In 2025, BST’s revenue totaled about NIS 1.91 billion, up about 24% from NIS 1.54 billion in 2024. Gross profit totaled about NIS 127.8 million, operating profit reached about NIS 74.2 million and net profit was about NIS 52.2 million.
Among the projects built or currently being carried out by the company are Sammy Ofer Stadium in Haifa, ToHa 1, Azrieli Town, Global Towers, K Tower, Apple’s Herzliya complex, TLV Mall in Tel Aviv, the Champion Motors campus in Rishon Lezion, student dormitories at the Technion, Nvidia offices in Yokneam and the new northern hospitalization tower at Ichilov Hospital.
“The IPO is a central milestone in the company’s history and reflects the impressive path we have taken over the years,” said Elias Tannous, CEO and co-owner of BST Group. “We continue to operate with deep commitment to the values, uncompromising quality in planning, development and execution, and the vision instilled by our late father, Badie Tannous, to continue leading as one of Israel’s largest real estate groups.”
Rafi Bisker, chairman of BST Group, said the company would continue working to strengthen its core operations while seeking opportunities for growth and expansion.
The IPO was led by Barak Capital Underwriting, alongside Phoenix Group and Leader Underwriters. The company was advised by Shimonov & Co. Law Firm.